Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account

Coming to the aid of NRIs (Non-Resident Indians) across the globe, Kotak Mahindra Bank has rolled out the Non-Resident Ordinary (NRO) Savings Account. NRIs can park their savings earned in India in the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, either from their investments, rent, pension, etc. This NRO savings account comes with the benefit of a low average quarterly balance of Rs.10,000 and the sweep-in, sweep-out option of the funds in the account.

Features and benefits of the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account

With this savings account, customers can make easy remittances into the account via wire transfer or cheque.

Customers can benefit from personal risk advisors that are affiliated with Kotak Mahindra Bank.

With the Kotak Mahindra Bank NRO Savings Account, customers can carry out a number of home banking facilities.

Deposits in this savings account come with an interest rate of 4% p.a. The interest is paid on a half-yearly basis.

NRI customers can benefit from the sweep-in, sweep-out facility of their funds.

NRIs can also open joint accounts provided that the secondary account holder is also an NRI or PIO (Person of Indian origin) .

The principal amount in the NRO account is exempt from tax, however, the interest accrued is subject to tax. Customers are subject to 30% tax (GST) of the interest accrued. If the customer avails the DTAA (Double taxation avoidance agreements) facility, the TDS will be reduced to between 10-15%.

For the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, PIOs, NRIs, all Indian Government employees with diplomatic passports, Indian national Seafarers, Indian students pursuing studies in foreign countries, and Indians employed by overseas shipping companies are eligible.

For Non-Resident Indians:

NRIs have to submit their passport as proof of identification and address. The passport should contain:

The name of the candidate

Photograph of the customer

Date and place of birth

Date of issue and expiry of the passport

Address

Specimen signature

Proof of mailing address - either local or overseas address.

Colour passport size photograph.

Copy of Visa - either residence or work visa.

Listed below are the documents required for candidates submitting the account form from overseas:

Proof of mailing address - either local or overseas address.

Colour passport size photograph.

Copy of Visa - either residence permit or work visa.

Photocopy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.

For those applying to open a Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account overseas, the documents mentioned above have to be attested either by a Notary Public Authority, an overseas bank official, an official at an Indian Scheduled Commercial Bank, or by an Indian diplomatic mission in the applicant’s country.

For Person of Indian Origin (PIO):

For PIOs submitting the account opening form for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account in any local Kotak Mahindra Bank branch, listed below are the documents required:

Photocopy of passport.

Either a residence permit or work visa copy.

Proof of mailing address - either local or overseas address.

Colour passport size photograph.

For PIOs submitting the account opening form from overseas, listed below are the documents that would be required to submit.

If place of birth is outside India, the applicant would be required to submit either of the following documents:

Copy of Indian passport of spouse.

Copy of Indian passport held by either the customer’s parents or grandparents.

PIO card.

Overseas Citizen of India (OCI) card.

Photocopy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.

Recent colour passport size photograph.

Copy of Visa - either residence permit or work visa.

Proof of mailing address - either local or overseas address.

If place of birth is outside India, the applicant would be required to submit either of the following documents:

Copy of Indian passport of spouse.

Copy of Indian passport held by either one’s parents or grandparents.

PIO card.

Overseas Citizen of India (OCI) card.

For PIOs applying to open a Kotak Mahindra Bank Non-Resident External (NRE) Savings Account account overseas, the documents mentioned above have to be attested either by an overseas bank official, an official at an Indian Scheduled Commercial Bank, a Notary Public Authority, or by an Indian diplomatic mission in the applicant’s country.

For Seafarers Employed with Foreign Vessels:

For seafarers employed with foreign vessels that are submitting the account opening form at any local Kotak Mahindra Bank branch, they would have to submit the documents listed below.

Copy of Visa - either residence permit or work visa.

Photocopy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.

Merchant navy declaration of the established contract.

Proof of mailing address.

Recent passport size colour photograph.

The applicant has to also submit a valid contract copy containing the below listed details:

Name of the employee

Employment letter of principal shipping company containing their name and address.

Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account FAQs

Yes, the interest accrued in the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account is subject to tax. Though the principal amount deposited in the account is free from tax, the interest earned over the deposits is subject to TDS (Tax Deducted from Source). 30% of the interest accrued will be subject to tax. If the customer avails the DTAA (Double taxation avoidance agreements) facility, the TDS will be reduced to anything between 10-25%.

2. Is it possible to open a joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account?

Yes, you can open a joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account only in cases when the secondary account holder is either an NRI or PIO.

3. How is the interest rate for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account calculated and paid?

The interest rate for this NRO savings account is calculated daily based on the closing balance of each day. The interest is payable half-yearly, between September and March.

4. What is the cash withdrawal and transaction limit for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account?

The daily cash withdrawal from ATMs for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account is Rs.75,000 while the transaction limit at retail or online merchant establishments is Rs.1 lakh.

5. For the joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, is there a separate debit card that is issued to the secondary account holder?

Yes, if applied for, the secondary account holder can avail a debit card to carry out transactions and withdrawals.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.